A fixed deposit (FD) is a safe investment option that allows you to accumulate a huge sum of money over a fixed period at a fixed interest rate. It is considered a guaranteed return investment option which is provided by government banks, Non-Banking Financial Companies and India Post Office. The interest rates differ in each bank. Some give high returns while other gives low. Among the private banks, Development Credit Banks ( DCB) is one of the financial institutions which offer high-interest rates on FDs. The bank has now revised its FD interest rates. It has increased its interest rates by up to 10 basis points.
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DCB is now providing an interest rate of 8 per cent to general citizens and 8.60 per cent to senior citizens for a deposit of less than Rs 2 crore. For the tenure of 7 days to 45 days, the interest rate for the FD in DCB is 3.75 per cent for general citizens and 4.25 per cent for senior citizens. For 6 months to less than 10 months, general citizens will receive the interest rate of 6.25 per cent and senior citizens will get 6.75 per cent on their deposited sum. A year tenure will grant an interest of 7.15 per cent for general citizens and 7.65 per cent for senior citizens. However, for the tenure of 12 months 1 day to 12 months 10 days, the interest rate will be 7.85 per cent for the general citizens and 8.35 per cent for senior citizens.
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For a tenure of more than 26 months to less than 37 months, the interest rate will be 7.60 per cent and 8.10 per cent for senior citizens. The fixed deposits for 37 months to 38 months are 7.90 per cent for general citizens and 8.50 per cent for senior citizens. Interested depositors can check the revised interest rates of FDs of DCB through their official website–https://www.dcbbank.com/. The upcoming new year can be one of the reasons for the hike in interest rates.
